Troubled commodities mining firm, Glencore, has announced that it will cut its zinc output by a third.

The price of zinc has fallen by around 30% over the past few months, putting a further squeeze on Glencore which is already battling huge debt problems and claims that it is effectively 'worthless'.

Glencore will now produce 500,000 fewer tonnes of zinc per year, accounting for around 4% of the world's supply.

The announcement actually sent Glencore shares up by 6.5% in early trading.

In a statement, Glencore said: "Glencore remains positive about the medium and long term outlook for zinc, lead and silver, however we are taking a proactive approach to manage our production in response to current prices."